Uber Technologies (UBER) Falls on Lyft-Waymo Expansion Deal

We recently published 10 Big Names Investors Are Dumping. Uber Technologies, Inc. (NYSE:UBER) is one of the worst performers on Wednesday.

Shares of Uber Technologies dropped by 4.99 percent on Wednesday to end at $92.95 apiece as investors sold off positions after its competitor joined forced with Waymo, an affiliate of Google, for the expansion of autonomous driving services in Nashville, Tennessee.

In a statement on Wednesday, Uber Technologies, Inc.’s (NYSE:UBER) competitor Lyft Inc. announced that it partnered with Alphabet-backed Waymo to expand autonomous driving in Nashville next year.

Under the agreement, Lyft, Inc. (NASDAQ:LYFT) said it will handle end-to-end management such as vehicle maintenance, infrastructure, and depot operations for the Nashville fleet, through its subsidiary Flexdrive.

Riders will have the opportunity to book Waymo’s fully autonomous driving vehicles on the Waymo app, thereafter it will be available on the Lyft app beginning 2026.

As part of the agreement, Lyft, Inc. (NASDAQ:LYFT) will construct a purpose-built AV fleet management facility with charging and vehicle service capabilities.

Investors viewed the partnership as a threat to Uber Technologies, Inc. (NYSE:UBER), especially with Waymo being a subsidiary of one of the world’s technology giants.

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Disclosure: None. This article is originally published at Insider Monkey.